Brazil regulator hopes Portugal Telecom keeps stake in Oi merger

Reuters Staff

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BRASILIA, July 15 (Reuters) - Anatel, Brazil’s telecommunications regulator, hopes Portugal Telecom SPGS SA does not have to reduce its stake in the new company that would result after its merger with Grupo Oi SA, the head of the agency said on Tuesday.

Anatel President João Rezende told reporters that such a move would require the regulator’s approval, but he said he did not believe that would be a problem.

Oi shareholders may try to renegotiate the terms of a merger with Portugal Telecom if a debt investment made by the Portuguese partner ends up in default, Brazilian Communications Minister Paulo Bernardo said on Monday. (Reporting by Leonardo Goy; Writing by Brad Haynes; Editing by Jeffrey Benkoe)